Study sets matching "term:managerial accounting = is the area of accounting that serves the decision making needs of internal users."

Study sets
Classes
Users

Study sets matching "term:managerial accounting = is the area of accounting that serves the decision making needs of internal users."

managerial accounting ch 1
Planning
Directing
Controlling
Decision Making
setting goals and objectives
overseeing the company's day to day operations
evaluating results of operations
management is continually making decisions while it plans, di…
Planning
setting goals and objectives
Directing
overseeing the company's day to day operations
49 terms
Managerial Accounting Chapter 1
Specify whether the characteristic rel…
Specify whether the characteristic rel…
Specify whether the characteristic rel…
Specify whether the characteristic rel…
Managerial Accounting
Financial Accounting
Financial Accounting
Financial Accounting
Specify whether the characteristic rel…
Managerial Accounting
Specify whether the characteristic rel…
Financial Accounting
116 terms
Accounting
GAAP
Three Organizations that is developmen…
Capital allocations
Financial reporting
"Generally accepted" an authoritative accounting rule-making…
1. Securities and Exchange Commission (SEC)... 2. American Ins…
It promotes productivity, encourages inovation, and provide a…
President letters supplementary schedules in corporate annual…
GAAP
"Generally accepted" an authoritative accounting rule-making…
Three Organizations that is developmen…
1. Securities and Exchange Commission (SEC)... 2. American Ins…
18 terms
Managerial Accounting-Chapter 1
Financial Accounting
Managerial Accounting
Segment
Planning
Reporting financial information to external parties such as s…
Provides information to managers to use within an organization
Part or activity of an organization about which managers woul…
Establishing goals and specifying how to meet them
Financial Accounting
Reporting financial information to external parties such as s…
Managerial Accounting
Provides information to managers to use within an organization
105 terms
Managerial Accounting Exam #1- Pannell
American Institute of Certified Public…
audit committee
Board of Directors
budget
the world's largest association representing the accounting p…
a subcommittee of the board of directors that is responsible…
the body elected by shareholders to oversee the company
quantitative expression of a plan that helps managers coordin…
American Institute of Certified Public…
the world's largest association representing the accounting p…
audit committee
a subcommittee of the board of directors that is responsible…
Managerial Accounting: Chapter One: An Overview
Financial Accounting
Managerial Accounting
Segment
Managers performs three vital activities
Concerned with reporting financial information to external pa…
Reports to insiders of a company and is concerned with report…
activity of an organization about which managers would like c…
Planning, Controlling, Decision making
Financial Accounting
Concerned with reporting financial information to external pa…
Managerial Accounting
Reports to insiders of a company and is concerned with report…
Financial and managerial accounting Chapter 1 Terms
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The Information system that measures business activities, pro…
Assets=Liabilities+Equity
A short term liability that will be paid in the future
The right to receive cash in the future from customers for go…
Accounting
The Information system that measures business activities, pro…
Accounting Equation
Assets=Liabilities+Equity
90 terms
Managerial Accounting
Budget
Business process
Controlling
Corporate social responsibility
A detailed plan for the future that is usually expressed in f…
A series of steps that are followed in order to carry out som…
The process of gathering feedback to ensure that a plan is be…
A concept whereby organizations consider the needs of all sta…
Budget
A detailed plan for the future that is usually expressed in f…
Business process
A series of steps that are followed in order to carry out som…
Chapter 1 - Managerial Accounting: An Overview
Managerial Accounting is concerned
A segment is
Managerial Accounting helps managers p…
Planning involves
with providing information to managers for use within the org…
a part or activity of organization about which managers would…
1. planning... 2. controlling... 3. decision making
establishing goals and specifying how to achieve them
Managerial Accounting is concerned
with providing information to managers for use within the org…
A segment is
a part or activity of organization about which managers would…
Managerial Accounting A Focus on Ethical Decision Making Ch 3
Manufacturing Companies
Merchandising Companies
Service Companies
Raw Materials
Companies that purchase raw materials from other companies an…
companies that sell products that someone else has maufactured
companies that do not sell a tangible product as their primar…
inventory of materials needed in the production process but n…
Manufacturing Companies
Companies that purchase raw materials from other companies an…
Merchandising Companies
companies that sell products that someone else has maufactured
27 terms
Managerial Accounting Chapter 9: The Use of Budgets in Planning and Decision Making
Budgets
Planning
Operating
Control
Plans dealing with the acquisition and use of resources over…
The cornerstone of good management; involves developing objec…
Involves day to day decision making by managers, which is oft…
Involves ensuring that the objectives and goals developed by…
Budgets
Plans dealing with the acquisition and use of resources over…
Planning
The cornerstone of good management; involves developing objec…
23 terms
Managerial Accounting 1
financial
managerial
financial, managerial
consequences of past activities, objec…
accounting which is concerned with reporting financial inform…
accounting which is concerned with providing information to m…
___ accounting serves the needs of those outside the organiza…
4 areas of emphasis for financial accounting
financial
accounting which is concerned with reporting financial inform…
managerial
accounting which is concerned with providing information to m…
Managerial Accounting Test 1
Activity-based costing (ABC)
Balanced scorecard
Board of directors
Chief executive officer (CEO)
A method of allocating overhead based on each product's use o…
A performance-measurement approach that uses both financial a…
The group of officials elected by the stockholders of a corpo…
Corporate officer who has overall responsibility for managing…
Activity-based costing (ABC)
A method of allocating overhead based on each product's use o…
Balanced scorecard
A performance-measurement approach that uses both financial a…
Managerial Accounting Chapter 1
what is managerial accounting
in terms of managerial accounting, def…
how is planning divided
which plans are more operational
an activity that provides financial and nonfinancial informat…
the process of setting goals and making plans to achieve them
in long, medium and short
medium and short
what is managerial accounting
an activity that provides financial and nonfinancial informat…
in terms of managerial accounting, def…
the process of setting goals and making plans to achieve them
Braun & Tietz Managerial Accounting: Chapter 4
Activity Based Costing
Activity Based Management
Appraisal Costs
Backflush Costing
Focuses on activities as the fundamental cost objects. The co…
Using activity based cost information to make decisions that…
Costs incurred to detect poor quality goods or services
A simplified accounting system in which production costs are…
Activity Based Costing
Focuses on activities as the fundamental cost objects. The co…
Activity Based Management
Using activity based cost information to make decisions that…
49 terms
Chapter One: Introduction to Managerial Accounting
Two main questions of MGMT ACCT
MGMT ACCT: Themes
financial accounting
managerial accounting
1) what is mgmt accounting.... 2) why does it matter
1) ethics.... 2) strategic management.... 3) enterprise risk manage…
concerned with the reporting of financial information to exte…
providing information to management for use within the organi…
Two main questions of MGMT ACCT
1) what is mgmt accounting.... 2) why does it matter
MGMT ACCT: Themes
1) ethics.... 2) strategic management.... 3) enterprise risk manage…
Managerial Accounting Chapter 1
Managers Responsibilities
What happens in the Planning Stage?
What happens in the Directing Stage?
What happens in the Controlling Stage?
Decision Making: Planning, Directing, Controlling
Setting goals & objectives & determining how to achieve them…
overseeing company's day-to-day operations... looks at all repor…
evaluating business operation results... make adjustments... Uses t…
Managers Responsibilities
Decision Making: Planning, Directing, Controlling
What happens in the Planning Stage?
Setting goals & objectives & determining how to achieve them…
Managerial Accounting chapter 1
Budget
Business Process
Controlling
Corporate social responsibility
A detailed plan for the future that is usually expressed in f…
A series of steps that are followed in order to carry out som…
The process of gathering feedback to ensure that a plan is be…
A concept whereby organizations consider the needs of all sta…
Budget
A detailed plan for the future that is usually expressed in f…
Business Process
A series of steps that are followed in order to carry out som…
105 terms
Managerial Accounting 2023 Chps 1-3: Exam 1
Planning
Directing
Controlling
decision making
involves setting goals and objectives for the company and det…
means overseeing the company's day-to-day operations. Managem…
means evaluating the results of business operations against t…
identifying alternative courses of action and choosing among…
Planning
involves setting goals and objectives for the company and det…
Directing
means overseeing the company's day-to-day operations. Managem…
59 terms
Accounting chapter 1
accounting
recordingkeeping/bookkeeping
external users of accounting
financial accounting
an information and measurement system that identifies, record…
the recording of transactions and events, either manually or…
people not directly involved in running the organization... exs.…
area of accounting aimed at serving external users by providi…
accounting
an information and measurement system that identifies, record…
recordingkeeping/bookkeeping
the recording of transactions and events, either manually or…
43 terms
Managerial Accounting
Financial Accounting
Financial Accounting
Financial Accounting
Financial Accounting
Reports to those outside the organization: owners, creditors,…
Emphasizes financial consequences of past activities.
Emphasizes objectivity and verifiability.
Emphasizes precision.
Financial Accounting
Reports to those outside the organization: owners, creditors,…
Financial Accounting
Emphasizes financial consequences of past activities.
36 terms
Managerial Accounting Concepts and Principles - Chapter 16
Direct Costs
Indirect Costs
Period Costs
Product Costs
Anything that goes into making the product that is significan…
Those things that are not specific to the product - ie; elect…
Consist of selling and administrative expenses (costs include…
Consist of manufacturing costs: direct materials, direct labo…
Direct Costs
Anything that goes into making the product that is significan…
Indirect Costs
Those things that are not specific to the product - ie; elect…
Managerial accounting chapter 1
Managerial accounting
Planning
Directing
Controlling
provides information that helps managers fulfill their three…
Setting goals and objectives for the company and determining…
Overseeing the company's day-to-day operations
Evaluating the results of business operations against the pla…
Managerial accounting
provides information that helps managers fulfill their three…
Planning
Setting goals and objectives for the company and determining…
Financial and managerial accounting Chapter 1 Terms
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The Information system that measures business activities, pro…
Assets=Liabilities+Equity
A short term liability that will be paid in the future
The right to receive cash in the future from customers for go…
Accounting
The Information system that measures business activities, pro…
Accounting Equation
Assets=Liabilities+Equity
Managerial Accounting Chapter 4
5S
Activity-Based Costing (ABC)
Activity-Based Management (ABM)
Appraisal Costs
A lean thinking workplace organization system compromised of…
Focuses on activities as the fundamental cost objects. The co…
Using activity-based costing information to make decisions th…
Costs incurred to detect poor-quality foods/services
5S
A lean thinking workplace organization system compromised of…
Activity-Based Costing (ABC)
Focuses on activities as the fundamental cost objects. The co…
Managerial Accounting A focus on ethical decision making Ch 5 - Job, Process, and Operations Costing
Job costing
Job Costing
Job Costing
Job Costing
product costing system which accumulates, tracks and assigns…
Customized production or service
What type of costing do Home Builders use
What type of costing do CPAs use
Job costing
product costing system which accumulates, tracks and assigns…
Job Costing
Customized production or service
Managerial Accounting Chapter 8
Budget
Cash budget
Continuous budget
Control
A detailed plan for the acquisition and use of financial and…
A detailed plan showing how cash resources will be acquired a…
A 12-month budget that rolls forward one month as the current…
Those steps taken by management that attempt to increase the…
Budget
A detailed plan for the acquisition and use of financial and…
Cash budget
A detailed plan showing how cash resources will be acquired a…
Managerial Accounting Chapter 3
Process Costing
Process Costing
Process Costing
Examples of Process Costing
focuses on accumulating costs for each production process.
Generally, we see ________ used when a firm produces homogene…
Mass production ... Similar Items ... Totals costs avg. by all un…
Paint manufacturers... Oil refineries... Cereal manufacturers
Process Costing
focuses on accumulating costs for each production process.
Process Costing
Generally, we see ________ used when a firm produces homogene…
11 terms
Managerial Accounting Chapter 1
managerial accounting
planning
controlling
decision making
the provision of accounting information for a company's inter…
the detailed formulation of action to achieve a particular en…
the managerial activity of monitoring a plan's implementation…
the process of choosing among competing alternatives
managerial accounting
the provision of accounting information for a company's inter…
planning
the detailed formulation of action to achieve a particular en…
41 terms
Horngren's Accounting Chapter 1 Vocabulary
Accounting
Accounting Equation
Assets
Balance Sheet
The information system that measures business activities, pro…
Equality involving a company's assets, liabilities, and equit…
An economic resource that is expected to be of benefit in the…
Reports on an entity's assets, liabilities, and owner's equit…
Accounting
The information system that measures business activities, pro…
Accounting Equation
Equality involving a company's assets, liabilities, and equit…
47 terms
Managerial Accounting
managerial accounting
internal
all (service, merchandising, manufactu…
all (corporate, sole proprietorship, p…
a field of accounting that provides economic and financial in…
users of managerial accounting
types of business managerial accounting applies to
forms of business organizations managerial accounting applies…
managerial accounting
a field of accounting that provides economic and financial in…
internal
users of managerial accounting
Managerial Accounting Chapter 1
Financial Accounting
Managerial Accounting
Segment
Planning
the phase of accounting that is concerned with reporting hist…
the phase of accounting that is concerned with providing info…
a part of activity of an organization about which managers wo…
involves establishing goals and specifying how to achieve them
Financial Accounting
the phase of accounting that is concerned with reporting hist…
Managerial Accounting
the phase of accounting that is concerned with providing info…
37 terms
Managerial Accounting Chapter 1
Are financial reports usually prepared…
What does financial accounting focus on?
What does managerial accounting focus…
What are the three primary responsibil…
Financial accounting purposes
Focuses on providing stockholders and creditors with the info…
Focuses on providing internal management with the information…
1: Planning... 2: Directing ... 3: Controlling
Are financial reports usually prepared…
Financial accounting purposes
What does financial accounting focus on?
Focuses on providing stockholders and creditors with the info…
82 terms
Ch 9-10 Managerial Accounting
looking ahead to see what actions shou…
looking backward, determining what act…
financial plans for the future and are…
plots a direction for an organization'…
Planning
Control
Budgets
strategic plan
looking ahead to see what actions shou…
Planning
looking backward, determining what act…
Control
128 terms
Managerial Accounting Exam 1
Financial Accounting
Budget
Business Process
Controlling
The phase of accounting that is concerned with reporting fina…
A detailed plan for the future that is usually expressed in f…
A series of steps that are followed in order to carry out som…
The process of gathering feedback to ensure that a plan is be…
Financial Accounting
The phase of accounting that is concerned with reporting fina…
Budget
A detailed plan for the future that is usually expressed in f…
Chapter 1: Introducing Accounting in Business
Accounting
Recordkeeping or Bookkeeping
Financial Accounting
External Users
Is an information and measurement systems that identifies, re…
The recording of transactions and events either manually or e…
The area of accounting simed at serving external users by pro…
...
Accounting
Is an information and measurement systems that identifies, re…
Recordkeeping or Bookkeeping
The recording of transactions and events either manually or e…
Managerial Accounting: Chapter 1 - Managerial Accounting and the Business Environment
Management Accountants
Managerial Accounting
Financial Accounting
Every organization has managers who pe…
...Expected to have expertise in management, performance meas…
Concerns providing information to managers - People inside an…
(Not to be confused with managerial accounting): Provides inf…
-Planning ... -Motivating/Directing... -Controlling... -Decision Making
Management Accountants
...Expected to have expertise in management, performance meas…
Managerial Accounting
Concerns providing information to managers - People inside an…
30 terms
Braun & Tietz Managerial Accounting: Chapter 1
ISO 9001:2008
Chief Financial Officer (CFO)
Sarbanes-Oxley Act of 2002 (SOX)
Internal Audit Function
A quality-related certification issued by the International O…
The position responsible for all of the company's financial c…
A congressional act that enhances internal control and financ…
The corporate function charged with assessing the effectivene…
ISO 9001:2008
A quality-related certification issued by the International O…
Chief Financial Officer (CFO)
The position responsible for all of the company's financial c…
33 terms
Principles of Accounting Level 1 - Chapter 1
Assets
Auditing
Balance Sheet
Certified Public Accountant (CPA):
The economic resources of the entity and include such items a…
The examination of transactions and systems that underlie an…
A basic financial statement, it reveals the assets, liabiliti…
A license issued by states that allows an accountant to speci…
Assets
The economic resources of the entity and include such items a…
Auditing
The examination of transactions and systems that underlie an…
59 terms
Chapter 01 Fundamental Accounting Principles
Accounting
Recordkeeping
Bookkeeping
External users
is an information and measurement system that identifies, rec…
is the recording of transactions and events, either manually…
is the recording of transactions and events, either manually…
Person using accounting information who are not directly invo…
Accounting
is an information and measurement system that identifies, rec…
Recordkeeping
is the recording of transactions and events, either manually…
Managerial Accounting Chapter 7
-Cost Volume Profit Analysis
-Cost-Volume-Profit (CVP) Analysis
-Cost-Volume-Profit (CVP) Analysis
-Cost-Volume-Profit (CVP) Analysis
-Is a powerful tool that helps managers make important busine…
-Is a relationship among costs, volume, and profit or loss
-Determines how much the company must sell each month just to…
-Helps managers determine the sales volume needed to earn a t…
-Cost Volume Profit Analysis
-Is a powerful tool that helps managers make important busine…
-Cost-Volume-Profit (CVP) Analysis
-Is a relationship among costs, volume, and profit or loss
Managerial Accounting Chapter 1 Vocabulary
Certified Internal Auditor (CIA)
Certified Management Accountant (CMA)
Certified Public Accountant (CPA)
Continuous Improvement
This has passed a comprehensive examination designed to ensur…
This has passed a rigorous qualifying examination, met an exp…
A certified accountant who is permitted (by law) to serve as…
Searching for ways to increase the overall efficiency and pro…
Certified Internal Auditor (CIA)
This has passed a comprehensive examination designed to ensur…
Certified Management Accountant (CMA)
This has passed a rigorous qualifying examination, met an exp…
12 terms
Accounting exam 1
accounting
Internal user
External user
CPA
Information and measurement system that identifies, records,…
Directly involved in managing and operating the organization.…
Persons using accounting information who are not directly inv…
Certified Public Accountants
accounting
Information and measurement system that identifies, records,…
Internal user
Directly involved in managing and operating the organization.…
Financial & Managerial Accounting: 1
Accounting
Accounting Equation
Accounts Payable
Accounts Receivable
The information system that measures business activities, pro…
The basic tool of accounting, measuring the resources of the…
A short-term liability that will be paid in the future
The right to receive cash in the future from customers for go…
Accounting
The information system that measures business activities, pro…
Accounting Equation
The basic tool of accounting, measuring the resources of the…
35 terms
Chapter 1 - Introduction to Managerial Accounting
Budget
Certified Management Accountant (CMA)
Controller
Controlling
Quantitative expression of a plan that helps managers coordin…
A professional certification issued by the IMA to designate e…
The position responsible for general financial accounting, ma…
One of management's primary responsibilities; evaluating the…
Budget
Quantitative expression of a plan that helps managers coordin…
Certified Management Accountant (CMA)
A professional certification issued by the IMA to designate e…
Managerial Accounting Module 1
Managerial accounting
3 objectives of managerial accounting
Corporate Sustainability Reports or Ci…
Planning
provision of accounting information for a company's internal…
1. to provide info for planning the organization's actions ... 2…
release large quantitites of managerial accounting info throu…
detailed formulation of action to achieve a particular end
Managerial accounting
provision of accounting information for a company's internal…
3 objectives of managerial accounting
1. to provide info for planning the organization's actions ... 2…
35 terms
Managerial Accounting Chapter 1
reports such as financial statements,…
data that have been organized, process…
Information that is shared and exploit…
a transaction-processing system that c…
Data
Information
Knowledge
Accounting Information System (AIS)
reports such as financial statements,…
Data
data that have been organized, process…
Information
12 terms
Managerial Accounting Chapter 1
What is planning?
What is directing and monitoring?
What is controlling?
What is decision making?
setting goals/objectives
overseeing operations and keeping them on track
comparing results to plan + make changes if necessary.
making rational decisions among alternatives.
What is planning?
setting goals/objectives
What is directing and monitoring?
overseeing operations and keeping them on track
10 terms
Chapter 18 Managerial Accounting Concepts and Principles
Direct Labor
Direct Material
Factory Overhead
Finish Goods Inventory
Efforts of employees who physically convert materials to fini…
Raw material that physically becomes part of the product and…
Factory activities supporting the production process that are…
Account that controls the finished goods files, which act as…
Direct Labor
Efforts of employees who physically convert materials to fini…
Direct Material
Raw material that physically becomes part of the product and…
39 terms
Managerial Accounting 202 Chapter 1
Integrated Reporting
Directing
the Chief Operating Officer does what
what was the purpose of the Sarbenes-O…
is a board holistic report that describes all material elemen…
is the management process of overseeing the company's day to…
manages the company on a day to day basis
it was enacted to restore the trust in publicly traded corpor…
Integrated Reporting
is a board holistic report that describes all material elemen…
Directing
is the management process of overseeing the company's day to…
1 of 10